All about Satoshi, bitcoin’s smallest unit

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Just like other currencies, bitcoin has been split into multiple denominations for ease of use in smaller sized transactions. The smallest such unit of a bitcoin (BTC) is called Satoshi, named after its mysterious creator(s) Satoshi Nakamoto.

Each Satoshi is worth one hundred millionth of a bitcoin or equal to 0.00000001 of one BTC. In other words, there are 100,000,000 Satoshis in one BTC.Based on current price of bitcoin, 1 Satoshi (also known as sats) equals about Rs 0.033245 or $0.0004.Why is the Satoshi unit critical in the bitcoin ecosystem?The use of Satoshi on the bitcoin blockchain has become more common as its value has increased exponentially since its inception.

This has been a unit of convenience for users who wanted to transact smaller values and to avoid errors in making small denomination transfers.It only became more convenient as the asset price reached tens of thousands of dollars, making the division of a bitcoin more feasible. This also made retail shopping for small items like coffee easier for users.Also Read | All you need to know about white hat hackers and how they make blockchains more secureSatoshi also made it easier for small investors who found it expensive to invest even in one bitcoin or crypto novices who wanted to just keep their exposure limited given its high prices.

Another important reason the unit is necessary for the bitcoin network is because the block reward for mining new blocks in the blockchain is halved every four years. The rewards given to miners can then be easily counted in Satoshi.When was Satoshi first created?The origins of Satoshi stem from the early days of bitcoin and BitcoinTalk, a forum for discussions about the bitcoin ecosystem.In 2010, a user on BitcoinTalk